Market Overview for SPACE ID/Bitcoin (IDBTC)

Summary
• Price remained in a tight range around 9.6e-07, with no clear directional bias.
• Volatility and turnover remained low, with volume concentrated in a few large trades.
• A slight bearish trend emerged in the latter half of the day due to a price pullback to 9.5e-07.

SPACE ID/Bitcoin (IDBTC) opened at 9.6e-07 on 2025-11-10 at 12:00 ET, reached a high of 9.9e-07, fell to a low of 9.4e-07, and closed at 9.7e-07 at 12:00 ET on 2025-11-11. Total volume for the 24-hour period was approximately 247,423.5 units, while notional turnover remained subdued.

The price remained largely confined between 9.5e-07 and 9.7e-07, with key support identified at 9.5e-07 and resistance at 9.6e-07 to 9.7e-07. A small bearish engulfing pattern appeared at 073000 ET, which suggested short-term weakness. The price also tested the 9.5e-07 level multiple times, indicating a potential floor for near-term action. However, there was no decisive breakout, and the formation of a doji at 084500 ET suggested indecision among traders.

On the 15-minute chart, the 20- and 50-period moving averages were nearly flat, indicating a lack of momentum. On the daily chart, the 50-period MA crossed above the 100-period MA, suggesting a tentative longer-term bullish bias, though it remains unconfirmed.

The RSI remained in neutral territory for most of the day, with a brief dip into oversold territory at 073000 ET. MACD oscillated around the zero line, showing weak bearish momentum in the latter half of the session. The 20-period Bollinger Bands narrowed in the early hours, indicating a period of consolidation, followed by a modest expansion as the price drifted downward. Price stayed within the middle band for much of the session, suggesting no strong directional bias.

Fibonacci retracement levels derived from the recent swing low at 9.4e-07 and high at 9.9e-07 indicated critical levels at 9.58e-07 (38.2%) and 9.7e-07 (61.8%). These levels coincided with observed price pauses and volume surges, suggesting they are worth watching for further action.

Volume was low for most of the session, with notable spikes at 111500 ET and 161500 ET. However, these spikes did not correspond with meaningful price movement, indicating that large trades may have occurred for liquidity management or order book balancing rather than speculative intent. Notional turnover followed a similar pattern, suggesting limited conviction in either direction.

The backtesting strategy tested a simple RSI-based swing-trading approach with a 14-period RSI, a 3-day holding period, and overbought (RSI > 70) and oversold (RSI < 30) triggers. Over the testing window (1 Jan 2022 to 11 Nov 2025), the strategy achieved a total return of 2.1% with an annualized return of 2.35%. The Sharpe ratio of 0.12 and maximum drawdown of 20% suggest that the strategy underperformed relative to risk. The average winning trade gained 9.3%, while the average losing trade lost 7.1%, indicating relatively balanced trade outcomes but limited risk-adjusted returns. The low Sharpe ratio indicates that the strategy may not be effective in the current low-volatility environment.